April 30, 2021
The pandemic opens a new chapter in terms of M & A, and the Italian OTB hopes to accelerate a long-standing project to create an Italian luxury hub, Fashion Group CEO said Friday. It was.
CEO Ubaldo Mineri The company said it is considering acquiring companies in the production and distribution sectors as well as acquiring fashion brands.
“The company has all the tools to drive our project in terms of finance, organization, management and capitalization,” Minelli said in an online conference.
The CEO said the acquisition of Thunder was one of OTB’s goals to create a large portfolio of luxury brands “many tried, but only (OTB founder) Renzo Rosso achieved.” I explained that it is a department. ..
The coronavirus crisis caused unprecedented declines in fashion and luxury sales last year due to months of forced store closures in all major markets and a slump in tourism following a worldwide travel ban. Did.
However, the sector is also making major investments and M & As, including the acquisition of a 24% stake in a shoe maker. Louboutin Agneri Holding Company Exor, And luxury down jacket maker Moncler has purchased the Italian luxury brand Stone Island.
In March, Minelli told Reuters that even without an acquisition, OTB’s business plan by 2023 went from 12% to 13%, the pre-pandemic guidance, thanks to strong growth in Asia and a surge in online sales. He said he expects an increase in annual sales in line with that.
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Italy’s OTB hopes to accelerate the creation of luxury hubs
Source link Italy’s OTB hopes to accelerate the creation of luxury hubs